"The rules of #Bitcoin are extremely hard to change. Anyone can access the network directly without a trusted third party. Owning more bitcoin does not give you more control over the network so all participants are on equal footing.
This is why bitcoin has value."
— nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx
In theory that’s true but in practice microstrategy a Blackrock will probably have a bigger saying than the average pleb 😢
They control:
The money printer.
All legal businesses(even bitcoin ones) through laws and regulations.
The average persons ability to save.
They can exclude mass amounts of people from obtaining bitcoin very easily already, without even owning a majority.
Just cause inflation and like magic, you've now cut off the 70% of Americans living check to check today, from ever saving, let alone buying and saving into bitcoin. All while you still control all the places (businesses) one could even buy bitcoin at, and the money printer to boot.
I hate being the doom and gloom guy, but I'm seeing us marching into our own defeat being happy and clapping about government backing bitcoin, in any fashion.
In my 34yrs on earth, I can't think of a single thing government has gotten involved in, that's lead to a BETTER FOR EVERYONE outcome. 🤷
Bintcoin's consensus rules are protecteed by a majority of economically active nodes.
Nodes who are economically more active that others matter more.
Hence wealth inequality and wealth concentration are a danger to Bitcoin, the same way it is to rest of the economy.
Economically active nodes matter more? Explain how?
Consider the extrem scenario where the nodes of the 10 biggest exchanges would be responsible for 80% of the transactions.
It should be immediately obvious how they are much more important in the Bitcoin economy than 10 random pleb nodes.
Eventually, Bitcoin hash rate will only be secured by transaction fees. In case of a split, the 10 nodes in this example will directly control which fork gets 80% of the hash rate, because they pay for it and the miners just follow the money.
Wealth concentration, by inequality or any other means, like centralized exchanges, is a serious danger and centralizing force, not only in Bitcoin, but to everything else as well.
Literally everything works betteer the more wealth and power is distributed.
Step 1: Gain control of the network by flooding it with monkey jpgs, forcing as many nodes possible to shut down as they run out of bandwith and their 1TB disks overflow
Step 2: hard fork a pos version and use the long arm of the law to declare p2p transactions illegal under aml rules and to coerce banks and exchanges to only accept this cbdc version of bitcoin.
Step 3: You'll have to kyc, pay taxes and burn all your original coins before being allowed to access the forked coins
This is incorrect. Most node operators trust a 5 dev Oligarchy to make decisions for them.
true, but, mind you, this was before coordinated pump & dumps.
